Nexell: Playing to Win or Playing Board Games?

Nexell failed to take advantage of the financing window for biotech last year, instead opting to establish a $25 million equity line of financing in January 2001. Some observers say its former parent, Baxter, is still calling the shots, including blocking any financing activities that would significantly dilute its investment. How aggressively Nexell draws down the $25 million may serve as an indicator of management's current commitment and belief in itself.